Forward Air Financials
Forward Air (FWRD) reported $2.5B in revenue for fiscal year 2025, up 0.8% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
A partial operating recovery is being absorbed by heavy balance-sheet leverage, keeping financing costs ahead of earnings capacity.
From FY2024 to FY2025, operating income recovered from-$1.06B to$36.4M , showing the operating engine improved sharply after the prior-year disruption. But financing drag remained decisive:$180.7M of interest expense left net income at-$104M despite positive operating income.
The cash picture improved with operations: operating cash flow moved from
Debt-to-equity rose from 8.3x in FY2024 to 14.9x in FY2025, indicating that creditors now finance far more of the balance sheet relative to shareholders. The current ratio held at 1.2x, so near-term assets still covered near-term obligations, but that liquidity buffer does not offset the annual interest burden of
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Forward Air's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Forward Air has an operating margin of 1.5%, meaning the company retains $1 of operating profit per $100 of revenue. This below-average margin results in a low score of 17/100, suggesting thin profitability after operating expenses. This is up from -43.0% the prior year.
Forward Air's revenue grew a modest 0.8% year-over-year to $2.5B. This slow but positive growth earns a score of 91/100.
Forward Air has elevated debt relative to equity (D/E of 14.89), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 6/100, reflecting increased financial risk.
Forward Air's current ratio of 1.22 is below the typical benchmark, resulting in a score of 29/100. This tight liquidity could limit financial flexibility if cash inflows slow.
Forward Air has a free cash flow margin of 0.6%, earning a moderate score of 34/100. The company generates positive cash flow after capital investments, but with room for improvement.
Forward Air posts a -91.8% return on equity (ROE), meaning it loses $92 for every $100 of shareholders' equity. This results in a returns score of 14/100. This is up from -406.5% the prior year.
Forward Air scores 0.91, below the 1.81 distress threshold. This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Forward Air passes 4 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 3 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.
Forward Air reported a net loss of $104.0M while generating $44.4M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal.
Forward Air earns $0.20 in operating income for every $1 of interest expense ($36.4M vs $180.7M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Forward Air generated $2.5B in revenue in fiscal year 2025. This represents an increase of 0.8% from the prior year.
Forward Air's EBITDA was $189.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 120.6% from the prior year.
Forward Air reported -$104.0M in net income in fiscal year 2025. This represents an increase of 87.3% from the prior year.
Forward Air earned -$3.51 per diluted share (EPS) in fiscal year 2025. This represents an increase of 88.5% from the prior year.
Cash & Balance Sheet
Forward Air generated $15.3M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 114.4% from the prior year.
Forward Air held $106.0M in cash against $1.7B in long-term debt as of fiscal year 2025.
Forward Air paid $0.00 per share in dividends in fiscal year 2025.
Margins & Returns
Forward Air's operating margin was 1.5% in fiscal year 2025, reflecting core business profitability. This is up 44.4 percentage points from the prior year.
Forward Air's net profit margin was -4.2% in fiscal year 2025, showing the share of revenue converted to profit. This is up 29.0 percentage points from the prior year.
Forward Air's ROE was -91.8% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 314.7 percentage points from the prior year.
Not reported for fiscal year 2025.
Capital Allocation
Forward Air repurchased no shares in fiscal year 2025.
Forward Air invested $29.1M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 21.4% from the prior year.
Not reported for fiscal year 2025.
FWRD Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.5B | $2.5B+0.8% | $2.5B+80.5% | $1.4B-18.4% | $1.7B+21.1% | $1.4B+9.3% | $1.3B+4.5% | $1.2B+6.8% | $1.1B-2.7% | $1.2B+13.5% | $1.0B+7.4% | $959.1M+22.8% | $781.0M+19.7% | $652.5M+11.6% | $584.4M+9.0% | $536.4M |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | $650.7M+11.0% | $586.1M+3.9% | $564.3M+3.5% | $545.1M+18.3% | $460.8M | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | $618.9M-1.6% | $629.0M+9.7% | $573.3M-8.2% | $624.3M+9.6% | $569.4M | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $493.9M | $535.7M-0.1% | $536.4M+86.5% | $287.6M-5.0% | $302.8M+5.1% | $288.2M+6.4% | $270.8M+5.0% | $258.0M+12.4% | $229.6M-13.6% | $265.8M+9.7% | $242.3M+0.7% | $240.6M+32.1% | $182.1M+20.5% | $151.1M+11.9% | $135.0M+3.3% | $130.7M |
| Operating Income | -$168.7M | $36.4M+103.4% | -$1.1B-1305.0% | $88.2M-64.4% | $247.6M+68.4% | $147.0M+98.9% | $73.9M-34.2% | $112.4M-4.1% | $117.2M+7.8% | $108.8M+82.2% | $59.7M-27.0% | $81.8M-15.2% | $96.4M+14.3% | $84.4M+1.0% | $83.5M+8.3% | $77.1M |
| Interest Expense | $177.2M | $180.7M-4.5% | $189.2M+499.3% | $31.6M+514.5% | $5.1M+18.4% | $4.3M-4.9% | $4.6M+68.2% | $2.7M+52.0% | $1.8M+47.5% | $1.2M-24.3% | $1.6M-22.0% | $2.0M+235.6% | $610K+14.7% | $532K+36.1% | $391K-36.8% | $619K |
| Income Tax | -$6.7M | -$5.5M+95.6% | -$125.0M-1003.4% | $13.8M-78.1% | $63.0M+76.0% | $35.8M+115.8% | $16.6M-39.4% | $27.4M+1.9% | $26.9M+32.5% | $20.3M-33.7% | $30.6M+27.0% | $24.1M-31.0% | $34.9M+18.5% | $29.5M-3.4% | $30.5M+3.8% | $29.4M |
| Net Income | -$282.4M | -$104.0M+87.3% | -$820.0M-591.0% | $167.0M-13.5% | $193.0M+82.1% | $106.0M+346.6% | $23.7M-72.8% | $87.1M-5.4% | $92.1M+5.5% | $87.3M+217.2% | $27.5M-50.5% | $55.6M-9.1% | $61.2M+12.3% | $54.5M+3.4% | $52.7M+11.6% | $47.2M |
| EPS (Diluted) | — | -$3.51+88.5% | -$30.63-578.6% | $6.40-10.4% | $7.14+85.5% | $3.85+358.3% | $0.84-72.4% | $3.04-2.6% | $3.12+8.0% | $2.89+221.1% | $0.90-49.4% | $1.78-9.2% | $1.96+10.7% | $1.77-0.6% | $1.78+11.2% | $1.60 |
Not reported in any period shown, so not listed: R&D Expenses.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
FWRD Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | $2.7B-3.0% | $2.8B-5.9% | $3.0B+146.6% | $1.2B+8.1% | $1.1B+6.7% | $1.0B+5.7% | $990.9M+30.3% | $760.2M+9.8% | $692.6M+7.5% | $644.0M-8.0% | $699.9M+29.8% | $539.3M+6.5% | $506.3M+26.8% | $399.2M+17.0% | $341.2M |
| Current Assets | $521.0M+10.3% | $472.5M+36.2% | $347.0M+14.0% | $304.3M+7.6% | $282.8M+15.0% | $245.9M+4.1% | $236.3M+17.5% | $201.1M+19.9% | $167.6M+23.0% | $136.3M-21.4% | $173.5M+17.6% | $147.5M-33.1% | $220.4M+11.1% | $198.4M+42.0% | $139.7M |
| Cash & Equivalents | $106.0M+1.0% | $104.9M-14.0% | $122.0M+166.2% | $45.8M+22.8% | $37.3M-7.3% | $40.3M-37.8% | $64.7M+152.4% | $25.7M+559.1% | $3.9M-54.3% | $8.5M-74.5% | $33.3M-19.6% | $41.4M-67.5% | $127.4M+13.5% | $112.2M+90.8% | $58.8M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | $2.1M-4.8% | $2.2M+57.2% | $1.4M+9.1% | $1.3M-0.3% | $1.3M+24.1% | $1.1M+0.4% | $1.1M+16.8% | $901K+2.3% | $881K |
| Accounts Receivable | $343.6M+6.6% | $322.3M+110.3% | $153.3M-18.6% | $188.2M-9.5% | $208.1M+33.0% | $156.5M+14.9% | $136.2M-12.9% | $156.4M+5.7% | $147.9M+26.9% | $116.6M+6.8% | $109.2M+14.5% | $95.3M+24.6% | $76.5M+1.6% | $75.3M+6.1% | $70.9M |
| Goodwill | $522.7M0.0% | $522.7M+87.5% | $278.7M+8.0% | $258.0M+18.0% | $218.6M-10.8% | $245.0M+13.6% | $215.7M+11.4% | $193.7M+1.1% | $191.7M+3.8% | $184.7M-10.2% | $205.6M+42.4% | $144.4M+63.2% | $88.5M+104.2% | $43.3M0.0% | $43.3M |
| Total Liabilities | $2.6B-1.7% | $2.6B+17.4% | $2.2B+342.3% | $500.8M-4.5% | $524.2M+4.8% | $500.1M+20.9% | $413.7M+99.9% | $207.0M+29.4% | $159.9M+9.8% | $145.7M-23.5% | $190.4M+151.4% | $75.7M+7.6% | $70.4M+48.2% | $47.5M-12.4% | $54.2M |
| Current Liabilities | $428.3M+11.5% | $384.0M+62.0% | $237.1M+40.0% | $169.4M+2.9% | $164.7M-4.0% | $171.6M+25.1% | $137.2M+83.6% | $74.7M+13.0% | $66.2M-15.1% | $77.9M-28.5% | $109.0M+151.1% | $43.4M+25.5% | $34.6M+24.0% | $27.9M-17.7% | $33.9M |
| Long-Term Debt | $1.7B+0.7% | $1.7B | N/A | $106.6M-31.4% | $155.5M+38.3% | $112.4M+66.9% | $67.3M+42.4% | $47.3M+17.5% | $40.2M | N/A | $27.5M | $0-100.0% | $3K-94.8% | $58K | $0 |
| Total Equity | $113.3M-43.8% | $201.7M-73.6% | $764.3M+8.1% | $707.2M+19.1% | $593.7M+8.5% | $547.3M-5.2% | $577.2M+4.3% | $553.2M+3.9% | $532.7M+6.9% | $498.3M-2.2% | $509.5M+9.9% | $463.6M+6.4% | $435.9M+23.9% | $351.7M+22.6% | $286.9M |
| Retained Earnings | -$447.1M-32.2% | -$338.2M-170.4% | $480.3M+10.1% | $436.1M+30.2% | $334.9M+10.1% | $304.1M-13.1% | $350.0M+2.2% | $342.7M+1.7% | $337.1M+5.6% | $319.3M-8.5% | $348.9M+4.7% | $333.2M+1.6% | $327.8M+14.3% | $286.7M+17.3% | $244.4M |
FWRD Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $70.8M | $44.4M+164.3% | -$69.0M-134.6% | $199.2M-20.4% | $250.2M+107.4% | $120.6M+25.5% | $96.1M-39.6% | $159.0M+4.2% | $152.6M+47.6% | $103.4M-20.7% | $130.4M+52.1% | $85.7M-6.5% | $91.7M+0.9% | $90.8M+32.4% | $68.6M-10.9% | $77.0M |
| Capital Expenditures | $22.6M | $29.1M-21.4% | $37.1M+20.6% | $30.7M-21.7% | $39.3M+2.3% | $38.4M+89.3% | $20.3M-7.9% | $22.0M-44.4% | $39.6M+3.4% | $38.3M-9.3% | $42.2M+4.2% | $40.5M+2.6% | $39.5M+11.4% | $35.4M+66.0% | $21.4M+0.6% | $21.2M |
| Free Cash Flow | $48.2M | $15.3M+114.4% | -$106.1M-163.0% | $168.5M-20.1% | $210.9M+156.5% | $82.2M+8.4% | $75.8M-44.6% | $137.0M+21.3% | $113.0M+73.6% | $65.1M-26.2% | $88.2M+94.9% | $45.2M-13.3% | $52.2M-5.8% | $55.4M+17.3% | $47.2M-15.3% | $55.7M |
| Investing Cash Flow | N/A | N/A | N/A | N/A | N/A | N/A | N/A | -$63.9M-15.2% | -$55.5M+6.3% | -$59.2M-13.0% | -$52.4M+48.1% | -$100.9M+21.0% | -$127.7M-61.8% | -$78.9M-281.2% | -$20.7M-5.3% | -$19.7M |
| Financing Cash Flow | N/A | N/A | N/A | N/A | N/A | N/A | N/A | -$56.0M+25.6% | -$75.3M-54.4% | -$48.8M+52.5% | -$102.8M-1551.6% | $7.1M+114.2% | -$49.9M-1626.1% | $3.3M-40.6% | $5.5M+107.5% | -$73.0M |
| Dividends Paid | N/A | $0 | $0-100.0% | $25.0M-3.4% | $25.9M+12.6% | $23.0M+10.1% | $20.9M+1.8% | $20.5M+11.2% | $18.4M+2.1% | $18.1M+16.2% | $15.5M+4.8% | $14.8M+0.2% | $14.8M+21.9% | $12.1M+22.1% | $9.9M+21.4% | $8.2M |
| Share Buybacks | N/A | $0 | $0-100.0% | $93.8M+49.4% | $62.8M+28.1% | $49.0M+8.3% | $45.2M-19.5% | $56.2M-15.0% | $66.1M+35.0% | $49.0M+22.5% | $40.0M+100.0% | $20.0M-50.0% | $40.0M+11191.5% | $354K | $0-100.0% | $26.1M |
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
FWRD Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | 48.8%-3.0pp | 51.8%+1.4pp | 50.4%-3.0pp | 53.4%-1.9pp | 55.3% | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | 1.5%+44.4pp | -43.0%-49.4pp | 6.4%-8.3pp | 14.7%+4.1pp | 10.6%+4.8pp | 5.8%-3.4pp | 9.3%-1.0pp | 10.3%+1.0pp | 9.3%+3.5pp | 5.8%-2.7pp | 8.5%-3.8pp | 12.3%-0.6pp | 12.9%-1.4pp | 14.3%-0.1pp | 14.4% |
| Net Margin | -4.2%+29.0pp | -33.1%-45.3pp | 12.2%+0.7pp | 11.5%+3.9pp | 7.6%+5.8pp | 1.9%-5.3pp | 7.2%-0.9pp | 8.1%+0.6pp | 7.5%+4.8pp | 2.7%-3.1pp | 5.8%-2.0pp | 7.8%-0.5pp | 8.3%-0.7pp | 9.0%+0.2pp | 8.8% |
| Return on Equity | -91.8%+314.7pp | -406.5%-428.3pp | 21.9%-5.4pp | 27.3%+9.4pp | 17.9%+13.5pp | 4.3%-10.8pp | 15.1%-1.5pp | 16.6%+0.3pp | 16.4%+10.9pp | 5.5%-5.4pp | 10.9%-2.3pp | 13.2%+0.7pp | 12.5%-2.5pp | 15.0%-1.5pp | 16.4% |
| Return on Assets | -3.8%+25.4pp | -29.3%-34.9pp | 5.6%-10.4pp | 16.0%+6.5pp | 9.5%+7.2pp | 2.3%-6.5pp | 8.8%-3.3pp | 12.1%-0.5pp | 12.6%+8.3pp | 4.3%-3.7pp | 7.9%-3.4pp | 11.3%+0.6pp | 10.8%-2.4pp | 13.2%-0.7pp | 13.8% |
| Current Ratio | 1.220.0x | 1.23-0.2x | 1.46-0.3x | 1.80+0.1x | 1.72+0.3x | 1.43-0.3x | 1.72-1.0x | 2.69+0.2x | 2.53+0.8x | 1.75+0.2x | 1.59-1.8x | 3.40-3.0x | 6.37-0.7x | 7.11+3.0x | 4.12 |
| Debt-to-Equity | 14.89+6.6x | 8.31+5.4x | 2.90+2.7x | 0.15-0.1x | 0.26+0.1x | 0.21+0.1x | 0.120.0x | 0.090.0x | 0.08-0.2x | 0.29+0.2x | 0.05+0.1x | 0.000.0x | 0.000.0x | 0.000.0x | 0.00 |
| FCF Margin | 0.6%+4.9pp | -4.3%-16.6pp | 12.3%-0.3pp | 12.6%+6.6pp | 5.9%0.0pp | 6.0%-5.3pp | 11.3%+1.3pp | 9.9%+4.4pp | 5.6%-3.0pp | 8.6%+3.8pp | 4.7%-2.0pp | 6.7%-1.8pp | 8.5%+0.4pp | 8.1%-2.3pp | 10.4% |
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Where Forward Air Ranks
Frequently Asked Questions
What is Forward Air's annual revenue?
Forward Air (FWRD) reported $2.5B in total revenue for fiscal year 2025. This represents a 0.8% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Forward Air's revenue growing?
Forward Air (FWRD) revenue grew by 0.8% year-over-year, from $2.5B to $2.5B in fiscal year 2025.
Is Forward Air profitable?
No, Forward Air (FWRD) reported a net income of -$104.0M in fiscal year 2025, with a net profit margin of -4.2%.
What is Forward Air's EBITDA?
Forward Air (FWRD) had EBITDA of $189.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Forward Air have?
As of fiscal year 2025, Forward Air (FWRD) had $106.0M in cash and equivalents against $1.7B in long-term debt.
What is Forward Air's operating margin?
Forward Air (FWRD) had an operating margin of 1.5% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Forward Air's net profit margin?
Forward Air (FWRD) had a net profit margin of -4.2% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Forward Air's return on equity (ROE)?
Forward Air (FWRD) has a return on equity of -91.8% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Forward Air's free cash flow?
Forward Air (FWRD) generated $15.3M in free cash flow during fiscal year 2025. This represents a 114.4% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Forward Air's operating cash flow?
Forward Air (FWRD) generated $44.4M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Forward Air's total assets?
Forward Air (FWRD) had $2.7B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Forward Air's capital expenditures?
Forward Air (FWRD) invested $29.1M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Forward Air's current ratio?
Forward Air (FWRD) had a current ratio of 1.22 as of fiscal year 2025, which is considered adequate.
What is Forward Air's debt-to-equity ratio?
Forward Air (FWRD) had a debt-to-equity ratio of 14.89 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Forward Air's return on assets (ROA)?
Forward Air (FWRD) had a return on assets of -3.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Forward Air's Altman Z-Score?
Forward Air (FWRD) has an Altman Z-Score of 0.91, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Forward Air's Piotroski F-Score?
Forward Air (FWRD) has a Piotroski F-Score of 4 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Forward Air's earnings high quality?
Forward Air (FWRD) reported a net loss of $104.0M while generating $44.4M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Forward Air cover its interest payments?
Forward Air (FWRD) has an interest coverage ratio of 0.20x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Forward Air?
Forward Air (FWRD) scores 32 out of 100 on our Financial Health Score, indicating weak standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.